Chicago area townhomes and condos are hip and trendy once again! September data from the Mainstreet Organization of REALTORS® shows an 11% increase in attached home prices on a year-over-year basis. Contract activity for attached homes increased 5.1% from September 2020.
The hottest Chicagoland communities for attached homes are Carol Stream, Downers Grove, Bloomingdale, Streamwood, Vernon Hills, Round Lake, Naperville, Schaumburg and Arlington Heights, to name a few. Carol Stream had the largest median price hike for attached homes at 53.1%. At the lower end of the spectrum, Schaumburg and Arlington Heights had median price gains around 14%.
It’s easy to understand the appeal of a townhome or condo, especially for first-time buyers. Attached homes can be more affordable than a single-family home, while providing ample living space. Plus, attached homes are low-maintenance, meaning you won’t be spending tons of time working in the yard or clearing snow from the sidewalk. Attached homes offer the perks of ownership with a convenient lifestyle.
But townhomes and condos aren’t for everybody. The homeowner association or condo association fees can be expensive, and there are rules and restrictions about parking, pets, making changes to your unit, exterior decorations and any number of things.
Some associations are easier to live with than others; be sure to read the rules, by-laws and financial statements before you buy an attached home! (We’ll help you with all of this.)
StartingPoint Realty – Serving Chicagoland since 2004!
StartingPoint Realty serves first-time home buyers, repeat home buyers and home sellers throughout the Chicago area. Get an introduction to home buying by attending our free home buying webinar! There’s no sales pressure and no obligation. Contact us for help with your Chicago real estate questions!
Ryan Gable Broker/CEO Starting Point Realty
Phone: 847.348.1154
Email: RyanGable@startingpointrealty.com
https://startingpointrealty.com/
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